Cryptocurrency exchange’s experienced trading arm, Coinbase Pro has begun taking in Dogecoin (DOGE) incoming transactions. For this reason, giving way for enhanced use of the meme-based digital currency.
Coinbase Let Doge In
The exchange mentioned Tuesday afternoon that trading of DOGE would commence on Coinbase Pro on Thursday at 4:00 p.m. UTC, considering liquidity positions are met.
In the beginning, DOGE will be open in five trading pairs: DOGE/USD, DOGE/BTC, DOGE/EUR, DOGE/GBP, and DOGE/USDT. Order books will be accessible in three stages, starting with post-only, then limit-only, and eventually full-trading.
Coinbase shared,
“If at any point one of the new order books does not meet our assessment for a healthy and orderly market; we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”
Dogecoin is presently trading at 36 cents, higher almost 6,000% for the year. Despite that, it dropped by more than 50% since achieving a high in May. $43.68 billion is the market capitalization of Dogecoin as of Tuesday afternoon. Thus, making it the seventh-largest cryptocurrency.
The DOGE has also risen by almost 5% in the last 24 hours, and it now sells for $0.34. Bitcoin and Ethereum, have seen their prices fall since Monday as a result of the current market crash.
Coinbase CEO Brian Armstrong teased the platform’s then-impending launch of Dogecoin during a May 15 investor call, defining his objective to “accelerate asset addition into the future.”
Armstrong commented,
“There are continuously more assets being created in the crypto economy. One of those is doge … which has been getting a lot of attention recently.”
Dogefather Has Been Behind Dogecoin Push
Tesla billionaire magnate Elon Musk, the self-proclaimed “dogefather,” has often sent the price of the coin flying through his investments and social media posts. Doge’s price soared by 20% after Armstrong’s remarks concurred with communication from Elon that he was “working with doge devs to improve system transaction efficiency.”
There was also a commotion in Twitter surrounding DOGE; which also shortly exceeded the flagship crypto asset at the beginning of the year.
Musk had noticed it ironic that the coin has the capability to be the world’s reserve currency. He cited:
Which one is it going to be? Maybe it’ll be multiple; it should be considered speculation at this point. The matter is that Dogecoin was created as a joke, essentially to make fun of cryptocurrencies. Fate loves irony; what would be the most ironic outcome? That the currency that was created as a joke becomes the real currency. To the moon!
Related article that you may have missed: Dogecoin: Your Gateway To Cryptoverse
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